This is the first in a two-part series looking at family homes on the market for around $350,000. Condominiums are not included in the mix. This week, we stay on the island of Montreal. Next week, we look at what is available just off the island.
Here are the parameters: A single-family home with a backyard or deck, three bedrooms and two bathrooms, and off-street parking. Asking price? No more than $350,000.
Some families want it all for their first home and why not? But for those on a budget who want to stay on the island of Montreal, it means looking further afield and ignoring certain pricey neighbourhoods, like Westmount, Town of Mount Royal, N.D.G. or Hampstead.
According to the Canadian Real Estate Association, the average cost of a single-family home on the island of Montreal, so far in 2015, is $331,216.
The national average of a home sold in April 2015 was $448,862 — a 9.5-per-cent gain on a year-over-year basis. If you take Greater Vancouver and Greater Toronto — the two priciest real estate markets in the country — out of the mix, the national average drops to $339,892, or a 3.4-per-cent gain year-over-year.
Check out j.mp/homes-survey for housing data and a lot more from the Montreal census metropolitan area.
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So let’s say that a family had budgeted the top price at $350,000, with the hope of negotiating down the purchase price by a few thousand to help cover the welcome tax, moving costs and any immediate improvements that might need to be made such as a fresh coat of paint.
Staying on island and within budget might well translate into a smaller house or less outdoor space. But no first-time home purchase is perfect. And if it’s all about location, the family will most likely have to compromise.
Here’s a look at properties available in three distinct Montreal neighbourhoods.
1. The Southwest borough includes St-Henri, Little Burgundy and Griffintown and, to the south of the canal, Ville-Émard, Côte St-Paul and Point St-Charles. Its roots are industrial and working class, but there’s been a flurry of condo-building going on and the development is drawing young professionals, retired couples and families to the area.
The asking price for the cottage at 2717 Jacques-Hertel St. is $339,000. It has four bedrooms, two bathrooms, a big backyard with a deck and an above-ground swimming pool and off-street parking.
Selling agent Stefanny Fodor said the central location comes with perks.
The kitchen in a cottage in the Southwest borough, on the market for $339,000.
“You are close to the Lachine Canal, Wellington Street in Verdun and LaSalle’s Carrefour Angrignon,” she said. “And you’re within walking distance of the Monk métro station.”
Built in 1910 with 1,768 square feet of living space, the property’s municipal and school taxes total $3,086. The mortgage? With a 10-per-cent down payment — $33,900 — and a 63-month fixed-rate mortgage at 3.09 per cent, amortized over 25 years, the monthly mortgage would be $1,458.
Compromise: no finished basement.
For information, contact Re/Max agent Stefanny Fordor at 514-799-7428 or visit http://www.remax-quebec.com/en/house-for-sale-montreal/2717-rue-jacques-hertel-st-paul-emard-18867280.rmx?source=centris.
The exterior of a townhouse in Lachine, on the market for $339,000.
2. The borough of Lachine. It is central enough to have easy access to the downtown core and suburban enough to not have the congestion of a downtown neighbourhood.
It runs along the shores of Lake St-Louis and is home to the prettiest part of the old Lachine Canal. It has a bike path, running path and, very important for some, a Dairy Queen.
The interior of a townhouse in Lachine.
Condo development is exploding in the region of late, but, luckily for families, there are also a number of newer townhouse developments in the area. Lachine is also rooted in a working-class/industrial past, but the recent development is attracting a mix of white-collar professionals with or without children.
The townhouse at 2156 Notre-Dame St. E. is on the market for $339,000. It has three bedrooms, one bathroom, one powder room, a finished basement and a one-car garage.
“The family can truly be a one-car household because the property is within easy walking distance of the Lachine Market, LaSalle Park and its pool, the waterfront bike and walking paths and express bus service,” selling agent Pauline van Nieuwburg said.
Built in 2004 with 1,356 square feet of living space, the property’s municipal and school taxes total $3,139. Condo fees are $1,260 a year. The mortgage? With a 10-per-cent down payment of $33,900 and a hybrid mortgage at 2.87 per cent amortized over 25 years, the monthly payment is $1,424.
Compromise: Deck, but no backyard.
For information, contact Re/Max Royal Jordan agent Pauline van Nieuwburg, 514-898-7558 or visit http://passerelle.centris.ca/Redirect2.aspx?CodeDest=EGPTECH& NoMls=MT11968869& Source=WWW.REALTOR.CA&Langue=E
Beaconsfied bungalow on the market for $350,000.
3. Beaconsfield is considered one of the island’s tonier bedroom communities. There are not a whole lot of single-family homes selling in the $350,000 price range. The house in question is selling for a very particular reason.
“The family is relocating to Ottawa for the husband’s work,” selling agent Andrew Thomas said. “He’s been commuting two hours to work and two hours from work every day.”
The asking price for the bungalow at 213 Sherbrooke St. is $350,000. It has three bedrooms, one bathroom and one powder room, with a finished family room in the basement, single-car garage, a backyard and forced air, for those hot summer days.
The living room of the Beaconsfied bungalow on the market for $350,000.
“The home is perfect for a young family or retired couple,” Thomas said. “It has a big skylight which floods the home with light and gives it a big feel.”
Built in 1958 with a little over 2,000 square feet of living space, the property’s municipal and school taxes total $3,998. The mortgage? With a 10-per-cent down payment of $35,000, at 5-1 hybrid adjustable mortgage rate of 2.64 per cent rate, amortized over 25 years, the monthly payment would be $1,433.
Compromise: lengthier commute to the downtown core.
For information, contact KW Prestige agent Andrew Thomas, 514-894-9525 or visit http://passerelle.centris.ca/Redirect2.aspx?CodeDest=BLUEHAT& NoMls=MT24971750& Source=WWW.REALTOR.CA&Langue=E
There are multiple mortgage-payment options. Your lending institution or mortgage broker can explain current rates and help you decide on the payment plan that best suits your financial situation.
kgreenaway@montrealgazette.com
Median prices of detached homes in the rest of Canada and the U.S.
The Canadian Real Estate Association website lists the following median prices for detached homes in the first quarter of 2015:
British Columbia
Victoria: $550,000
Greater Vancouver: $1,078,900
Chilliwack: $334,478
Alberta
Edmonton: $405,000
Calgary: $460,000
Manitoba
Winnipeg: $266,900
Saskatchewan
Regina: $305,500
Saskatoon: $358,000
Ontario
Toronto: $650,000
Mississauga: $727,500
Oakville: $678,500
New Brunswick
Greater Moncton: $152,900
Nova Scotia
Halifax-Dartmouth: $280,529
Prince Edward Island: $170,396
Newfoundland-Labrador: $275,000
Yukon: $361,753
Northwest Territories: $457,465
Check out j.mp/homes-survey for housing data and a lot more from the Montreal census metropolitan area.
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The website for the National Association of Realtors lists the following median prices for detached homes in metropolitan centres in the United States for the first quarter of 2015:
Akron, Ohio: $95,400
Albuquerque, NM: $172,200
Atlanta-Sandy Springs-Marietta, GA: $158,000
Baton Rouge, LA: $177,200
Boston-Cambridge-Quincy, MA-NH: $374,600
Boulder, CO: $442,200
Chicago-Naperville-Joliet, IL: $192,500
Honolulu, Hawaii: $699,300
Houston-Baytown-Sugar Land, TX: $200,300
Las Vegas-Paradise, NV: $205,900
Los Angeles-Long Beach-Santa Ana, CA: $434,700
Miami-Fort Lauderdale-Miami Beach, FL: $269,100
Nashville-Davidson-Murfreesboro, TN: $186,400
New Haven-Milford, CT: $205,100
New York-Northern New Jersey-Long Island, NY-NJ-PA: $388,600
New York-Wayne-White Plains, NY-NJ: $466,700
Phoenix-Mesa-Scottsdale, AZ: $206,100
Portland-Vancouver-Beaverton, OR-WA: $289,400
San Francisco-Oakland-Fremont, CA: $748,300
San Jose-Sunnyvale-Santa Clara, CA: $900,000
Toledo, Ohio: $83,800
Washington-Arlington-Alexandria, CD-VA-MD-WV: $367,800